Check Your Balance – 1 – Conquer Debt and Build Wealth

https://youtu.be/7edhoEFR1_k?si=BILrsdQ8SWt6_ZJ7 Check Your Balance – 1 – Conquer Debt and Build Wealth   Welcome – Chris Fluitt | Redemption Church Plano, TX   Check Your Balance For the next 3 weeks we are talking about Money.   Let me level with you… NO GOTCHA OFFERINGS/PLEDGE DRIVES   “Now that we made you feel like a guilty selfish scumbag let’s take up an offering.”NOT HAPPENING. We want to give to you, not receive from you. Worksheets to help you conquer debt and produce wealth Free E-book to go deeper Why talk about money? Effects us all…  Every part of our lives… Emotions HealthSpiritualityRelationships (#1 cause of divorce – Money)The next generation   US Statistics–U.S. consumer debt $17.1 Trillion.A 4 % increase from the previous year​ (Experian). –Credit card debt up $110 billion in 2023, the highest annual increase since 2004, bringing the total to approximately $1.13 trillion​ (WalletHub)​ (ConsumerAffairs). –Average household credit card balance was $9,423 at the end of 2023​ (WalletHub). – Student loan debt is $1.6 trillion​.Avg 35k – The debt-to-income ratio for the median U.S. household was 107% in 2022… The median household debt exceeded median household income​ (ConsumerAffairs).   – 36% have more debt than savings.   My ProblemDriving In Richardson… 2009 (1st baby in the backseat)   EmotionsFlight (run hide avoid)Shame & guiltInadequate Hopeless   Your Problem No idea what your finances look like…No plan – OstrichWorried about today – Gas, groceriesWorried about next week – Bills dueWorried about the future – Housing, AC, CarFurther future – Retirement, Kids education   Worry + Ignorance = Hopeless  Concern + A PLAN = Hopeful   Let’s talk about a plan.We feel hopeless without a plan.   3 laws of balance Reference point Constant correctionClear Objective   You need a reference point in your finances.   Cheerleading balance – Not looking downTight rope walking – Not at feet – forward FIND SOMETHING STATIONARY AND FOCUS   What is my reference point? Hebrews 12:2: Fixing our eyes on Jesus, the pioneer and perfecter of faith…   Proverbs 17:24: A discerning man keeps wisdom in view, but a fool’s eyes wander to the ends of the earth.   Jesus is God’s plan…Wisdom is God’s plan…   What is reference point for finances?   SPENDING   You must be KNOWINGWhere your money is GOING   Have you ever looked at your bank statement and said… “I spent how much?!”Can’t even remember what we bought…   Reference Point: Keep a detailed record of where your money is going.    We have tools to help you keep a record…Track your spending form.   You may be saying… well the bank sends me a statement… -After the fact knowledge…-This is the BANK knowing where your money is going.-We need discipline with our money.   There is no substitute for YOU knowing where your money is going.   Not paying attention – wake up thousands in debt.   Too often we need more, without being able to answer what we did with what we were given? Teenager asks for money…Dad asks “What did you do with the money I gave you?”Teen – “I spent it.”Dad – “What did you spend it on?”Teen – “I. D. K. I need more money.”   We see this in our kids.. do we see it in ourselves?   Proverbs 21:20: In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.   The wise STORES (saves)The foolish DEVOURS ALL (spends)   REFERENCE POINT WORK -Financial Overview-Actual Monthly Spending-Track your spending  May be painful & want to quit.Worry + Ignorance = Hopeless Concern + A PLAN = Hopeful LEARN THIS Debt is Slavery “The borrower is slave to the lender”   – Proverbs 22:7   “Mastercard”Looking at your debt reminds you that YOU ARE NOT FREE.   Think you are free? Tell them you don’t feel like paying this month…   Debt is bad and you need a plan. When a wise plan arrives – hope follows.   Driving in Richardson… Let’s make a plan.Total Money Makeover – Financial assessment.   We were 25k in debt.Medical bills, car loan, credit cards… We used the DEBT SNOWBALL method.Calculate debtAggressively pay off 1 bill while you pay the minimum on everything else.   CHECK THE HANDOUT FOR DEBT SNOWBALL INSTRUCTIONS   The math said it was going to take 2 ½ years to pay off our debt.   With God’s help it took 11 months.What happened? I don’t know!   Start making wise choices – God blessesStart taking responsibility – God blessesStart saving – God blessesStart valuing what you have instead of desiring more – God blesses   I have seen God do this so often… If you will commit today, God will bless you.   Who wants a pay raise? When you pay off a debt it is like a pay raise.   Deuteronomy 8:18: But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant…   God gave us the ability to produce WEALTH. This confirms his covenant… His promise.   What does it mean when we produce debt?   Too often we need more, without being able to answer what we did with what we were given?   Perhaps it means that we are not honoring the gifts of God… or His promise. DEBT does not honor the gift of wealth.   We may be lusting and envious over material things.   Our iPhone 13 is not enough for us… We need an iPhone 14.   Our desires become our reference point.We covenant with our own desire to produce debt.   Wealth is created when we look at what we have been given and say – I AM SATISFIED.Then we save…Then we give…Then we have wealth and not debt.   Time to act #1 REFERENCE POINT WORK    -Financial Overview   -Actual Monthly Spending   -Track your spending Fill these out.Look at your financial statements…Track your spending #2 Honor what you been given    -Tell God thank you.    -Thank you note offering #3 Receive prayer    -Ask God for help & wisdom